Fidelity bank shareholders approve N3.2bn dividend pay-out

Shareholders of Fidelity Bank Plc have approved the payment of a total dividend of N3.19 billion declared by the board of directors for the financial year ended December 31, 2018.

The dividend, which translates to 11 kobo per shares was approved by shareholders at the bank’s 31st annual general meeting (AGM) held in Lagos at the weekend.

Speaking at the meeting, National Chairman, New Dimension Shareholders Association, Mr. Patrick Ajudua, commended the board and management for maintaining a good dividend policy. He also advised the board to adopt strategies that would lead to the sustenance of the growth and profitability of the bank.

Also speaking, President of the Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, said the bank had maintained steady growth in spite of challenging environment.

He commended the bank’s effort in ensuring aggressive loans recovery which impacted positively on its non-performing loan.

“We have a solid bank handled by professionals and our bank is in good hands,” Adesiyan said.

He explained that the bank was able to sustain cost discipline with growth in total operating expenses remaining below average headline inflation in 2018.

Also speaking, the bank’s Chairman, Mr. Ernest Ebi, assured the shareholders that the board and management’s focus was to build a very strong bank that they would proud of.

Ebi, said the bank would remain committed to corporate governance, risk management and strong capital in line with its five-year strategic plan aimed at delivering returns to all stakeholders. culled from thisdayslive.com